QBE.AX rises to highest close since February 23rd


QBE Insurance Group Ltd (QBE.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team

Highlights

QBE.AX finds buyers at key support level
QBE.AX closes higher for the 2nd day in a row
QBE.AX ends the day on a bullish note closing near the high of the day
QBE.AX finds buyers again around 10.30
QBE.AX rises to highest close since February 23rd

Overview

Moving higher for the 2nd day in a row, QBE.AX finished Thursday at 10.42 gaining A$0.01 (0.1%) on low volume. Today's closing price of 10.42 marks the highest close since February 23rd. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (QBE.AX as at May 17, 2018):

Daily technical analysis candlestick chart for QBE Insurance Group Ltd (QBE.AX) as at May 17, 2018

Thursday's trading range was A$0.15 (1.44%), that's slightly below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

After trading as low as 10.30 during the day, the share bounced off the key support level at 10.41. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 10.31 in the previous session, the stock found buyers again around the same price level today at 10.30.

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.


Market Conditions for QBE.AX as at May 17, 2018

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